Unlike conventional lending standards, SBA loans offer funding for specific business needs as well as real estate and operating capital. SBA loans may allow for: longer terms, more flexible repayment options and lower down payments.
To make it simple, when determining if the appropriate financing should be looked at as an SBA loan, we look for the below three common reasons to acquire SBA financing:
Upon approval of the SBA credit application, a lender provides a loan with the SBA guaranteeing a portion. This guarantee gives the bank added collateral when considering loans to businesses that meet SBA guidelines that may otherwise not qualify conventionally. The loan proceeds allow the business to capitalize their business.
It’s really no different than a conventional loan and we have specialists to help walk you through the process. Contact Paul Liles SBA Banking Manager at 630-488-3007 to learn more about the loan process.
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